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Title: Did i lost 100$? - bithumb Post by: lennie on December 08, 2017, 01:09:51 AM Today I had the glorious idea to sell BTC at bithumb ;D
I wanted to test the price difference. At coinbase a BTC costs about 17K With bithumb a BTC costs approx. 22K So why not buy from coinbase BTC and sell it at bithumb. Then buy litecoin and send it back to coinbase. Than buy BTC ... and so on. The problem is that I can't withdraw with an Level 1 account, right? Have I lost the money now? ;D Title: Re: Did i lost 100$? - bithumb Post by: Ilanoh on December 22, 2017, 12:19:35 AM Were you able to get your money back ?
Title: Re: Did i lost 100$? - bithumb Post by: 1eth1 on January 07, 2018, 03:17:00 PM Any news?
Title: Re: Did i lost 100$? - bithumb Post by: tomahawk9 on January 07, 2018, 04:04:18 PM I don't know if you lost your money, but what you were trying is called 'arbitrage'. And while this looks like it could be very profitable since the btc price is different between exchanges, it is not recommendable to do it unless you have enough experience in this practice as it could be a very risky practice.
You need to know the procedures behind bitcoin arbritrage (how withdrawals work, the time it takes to move btc, sudden swings in the price, etc), so you have to be prepared before jumping in to make quick money, otherwise, you'll lose your money in one second. Title: Re: Did i lost 100$? - bithumb Post by: Ilanoh on January 07, 2018, 11:46:16 PM Hey Lennies any news ?
Title: Re: Did i lost 100$? - bithumb Post by: zzz163519 on January 07, 2018, 11:52:25 PM hi from what i know bithumb needs you provide your ID and Bank account in Korea, and you must have a phone number from Korea in order to register the account on Bithumb
Title: Re: Did i lost 100$? - bithumb Post by: Ilanoh on January 08, 2018, 02:40:58 PM That is why we can see +50% arbitrage there... Which is not real arbitrage unless your daddy is korean and mommy european
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